Cryptoxanthin belongs to a group of carotenoids known for their antioxidant properties. It is found naturally in some fruits and vegetables and imparts a bright yellow-orange color. Cryptoxanthin supplements are gaining popularity for their various health benefits such as reducing risk of cancer and heart disease. With increasing health awareness, more people are incorporating cryptoxanthin rich foods like papaya in their diets and consuming cryptoxanthin supplements on a regular basis. The global Cryptoxanthin Market is estimated to be valued at US$ 740 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing health consciousness among consumers is one of the major factors responsible for driving the cryptoxanthin market. Cryptoxanthin is known to reduce inflammation and aid in weight management which makes supplements rich in this carotenoid popular among health-conscious consumers. With rising disposable incomes, people are willing to spend more on nutritional supplements and functional foods enriched with cryptoxanthin. Manufacturers are launching new product varieties targeting this consumer base which is expected to support the market growth over the forecast period.
SWOT Analysis
Strength: Cryptoxanthin has potential health benefits such as protecting against various types of cancers and supporting eye health. It has antioxidant properties that help combat free radicals in the body.
Weakness: Currently, cryptoxanthin is not as widely commercialized as other carotenoids like beta-carotene and lycopene. Further clinical research is still needed to substantiate all of its health claims.
Opportunity: Growing health-consciousness and shift toward preventive healthcare have been boosting demand for carotenoid ingredients. The natural image of cryptoxanthin could attract more manufacturers to its production and product development.
Threats: Synthetic competition from artificial colors and flavors poses threat to the natural cryptoxanthin market. Strict regulations on GMO crops used for carotenoid production also pose challenges.
Key Takeaways
The Global Cryptoxanthin Market Size is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market supported by rising carotenoid supplements demand. However, Asia Pacific is projected to witness fastest growth due to expanding carotenoids market and health supplement industry in China, India, and Japan.
Key players operating in the cryptoxanthin market include BASF, DSM, Kemin Industries, Naturex, Synthite Industries, Aarkay Food Products, Dohler, and Sensient Technologies. These companies are involved in the production of cryptoxanthin through carotenoid rich natural sources as well as biosynthesis. They are also engaged in supplying cryptoxanthin ingredients to food and supplement manufacturers worldwide.
The market size of cryptoxanthin was valued at US$ 740 Mn in 2023 and is projected to reach over US$ 1,200 Mn by 2030, exhibiting a CAGR of 5.7% during the forecast period. Rising health-conscious population, increasing research support for carotenoid benefits, and growth of nutraceutical industry are some factors pushing the demands in leading regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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